The financial services sector
ranks as one of the main pillars of Hong Kong's economy, and it also
has an important global role. Encompassing key services such as banking,
securities, insurance, fund management and other related services,
the sector employs about 6 per cent of Hong Kong's working population,
or more than 180 000 people. Being a value-added sector, its activities
account for a disproportionately larger share of GDP, about 13 per
cent.
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HONG KONG is a leading international financial centre with an integrated
network of financial institutions and markets. The Government's policy
is to maintain and develop an appropriate legal, regulatory, infrastructural
and administrative framework, which aims to provide a level playing field
for all market participants, to maintain the stability of the financial
and monetary systems and to enable Hong Kong to compete effectively with
other major financial centres.
Significant achievements in 2002 are highlighted
below:—
- Hong Kong is the world's 11th largest
banking centre in terms of external assets and seventh largest centre
for foreign exchange trading.
- Hong Kong's stock market is among the
world's top 10 in terms of market capitalisation.
- The Hong Kong dollar debt market continued
to grow in 2002. Outstanding Hong Kong dollar debt reached $532 billion
at year-end, compared with $494 billion a year earlier.
- A new Securities and Futures Ordinance
(SFO) was enacted, which consolidates and modernises a number of
ordinances governing the securities and futures markets into a composite
piece of
legislation, to keep the regulatory regime on a par with international
standards and practices.
- Total assets of Mandatory Provident Fund
(MPF) schemes grew to about $55 billion at year-end. About 94 per
cent of the employers, 96 per cent of the relevant employees and 81
per cent
of the self-employed persons have enrolled in MPF schemes.
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